ED seizes Rs 5,551 crore from Chinese Smartphone giant Xiaomi India

The Enforcement Directorate (ED) on April 30 disclosed that it had seized more than Rs 5,500 crore in assets from the Indian subordinate of Chinese smartphone maker Xiaomi

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NH Web Desk

The Enforcement Directorate (ED) on April 30 disclosed that it had seized more than Rs 5,500 crore in assets from the Indian subordinate of Chinese smartphone maker Xiaomi, on top of that law enforcement agency said that the firm had made unlawful remittances to foreign entities and shown them as royalty payments.


In reply to the ED’s reports, Xiaomi's statement said, “Royalty payments that Xiaomi India made were for the in-licensed technologies and IPs used in our Indian version products.

It is a genuine commercial arrangement for Xiaomi India to make such royalty payments. However, we are devoted to working closely with government authorities to clarify any misconceptions.”

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